Volkswagen Lowers Sales and Profitability Forecasts #

Volkswagen has reduced its sales and profitability forecasts for the year, joining other European automakers in adjusting their targets amid challenges in the transition to electric vehicles.

The German automotive giant now anticipates sales of approximately €320 billion ($357.68 billion) in 2024, a decrease from the €322.3 billion reported last year. This adjustment is based on an expected delivery of about 9 million vehicles to customers, which is lower than the 9.24 million units delivered in 2023.

Previously, Volkswagen had projected an increase of up to 5% in sales and up to 3% in deliveries. However, the company has now revised these expectations downward, reflecting the current market conditions and challenges facing the automotive industry.

This move by Volkswagen highlights the broader difficulties encountered by European car manufacturers as they navigate the complex transition to electric vehicle production and sales. The adjustment in forecasts suggests a cautious approach as the industry adapts to changing consumer preferences and regulatory environments in the automotive sector.